At its 28 June 2021 meeting the Euro Retail Payments Board (ERPB) formally invited the EPC to take up the role of Scheme manager of a SEPA API Access Scheme in relation to payment accounts, in line with the requirements defined in the June 2021 report of the ERPB Working Group on a SEPA API Access Scheme. The EPC Board will decide on the EPC’s final answer to the ERPB in November 2021.

In September 2021 the EPC already established a SEPA Payment Account Access Multi-Stakeholder Group (SPAA MSG) which is expected to develop a scheme in relation to access to payment accounts (SPAA), in line with the requirements described in the aforementioned ERPB report.

The development of a SPAA scheme will be an industry-led initiative, aiming to drive ‘open payments’ in the EU through a scheme-based approach that unlocks hidden value, creating new innovation opportunities - which are expected to result in new client experiences accompanied by new additional revenue streams - and allowing for a fair distribution of value and risk between actors.

It will essentially enable ‘premium’ payment services beyond PSD2, such as potentially real-time payment guarantee, IBAN validation and Personal Finance Management related automated transfers. Moreover, this might possibly even become a stepping-stone towards ‘open finance’ beyond payments and ‘open data’ beyond finance, which would however be developed in a different context. 

A SPAA scheme rulebook, covering prioritised business requirements as developed by the SPAA MSG is expected to be published on the EPC website by November 2022, subject to EPC Board approval and following a public consultation on a draft version of this rulebook before Summer 2022.

To ensure maximum stakeholder involvement and contribution (in addition to the creation of the SPAA MSG), the EPC will set up a dedicated SPAA scheme’s interest group towards the end of 2021, consisting of volunteering non-EPC Members not represented in the SPAA MSG but interested in participating in the work on the development of a SPAA scheme. This interest group will not meet but will at regular intervals receive the unpublished draft deliverables of the SPAA MSG for input with such contributions to be fed into the work of the SPAA MSG.

The EPC is launching today a call for participants in the SPAA scheme’s interest group. A fixed contribution of € 3,000 (+ VAT) will be due by each interest group participant to help fund the SPAA scheme’s 2022 development costs. The present call is however conditional on the November 2021 decision of the EPC Board to assume the role of SPAA scheme manager.

How to apply? 

Entities interested in participating in the work on and funding of the development of a SPAA scheme by becoming a member of the SPAA scheme’s interest group are invited to send their expression of interest to [email protected] by 19 November 2021 close of business.